U.S. Jewelry, Watch Sales Slow in August
Plus, what economists are saying about consumer spending and a possible recession.

Sales in the category in August were up 4 percent year-over-year, according to preliminary data from the U.S. Bureau of Economic Analysis (BEA).
Jewelry sales alone increased 4 percent year-over-year while watch sales also rose up 4 percent.
In July, sales in the watch and jewelry category rose 6 percent year-over-year, as per revised BEA data, with jewelry sales increasing 6 percent and watch sales up 7 percent.
Watch and jewelry sales for the full year are expected to continue to grow but will likely not match the level reached last year.
In 2021, dubbed “the year of jewelry” by industry analyst Edahn Golan, sales in the category reached an estimated $106.01 billion, a 46 percent increase year-over-year, according to revised BEA data.
This year, as of September, full-year watch and jewelry sales are expected to reach an estimated $112.34 billion, a 6 percent year-over-year increase.
Jewelry and watch sales and the overall economy are on a similar trajectory of slowing growth as consumers battle inflation amid geopolitical unrest.
The Consumer Price Index, which measures the average change in prices over time consumers will pay for a basket of goods and services, rose 8 percent year-over-year in August and 0.1 percent month-over-month.
The rising cost of shelter and food offset the effect of falling gas prices, according to data from the Bureau of Labor Statistics.
In a statement about September’s CPI, President Joe Biden said: “It will take more time and resolve to bring inflation down, which is why we passed the Inflation Reduction Act to lower the cost of healthcare, prescription drugs and energy.”
In the National Retail Federation’s October review, Chief Economist Jack Kleinhenz gave an overview of the current economic situation, highlighting the headwinds and weighing the possibility of a recession.
“The economic situation in the United States is unsettling,” said Kleinhenz. “Consumer confidence is down, consumer spending’s rate of growth has slowed, and economists and consumers alike are worried about the possibility of a recession, all reflecting persistently high inflation and rising interest rates.”
While the spending growth rate has slowed, there is still growth.
Consumer spending was better than expected in August with the U.S. Census Bureau reporting overall retail sales growth of 0.3 percent month-over-month and 9 percent year-over-year.
“Year-over-year increases in retail sales have been mostly in the upper single digits since spring, not as dramatic as the double-digit numbers seen most of last year into early 2022 but still healthy,” he said.
The battle against inflation is a tricky one. Higher prices impact consumer confidence, but the Federal Reserve’s main tool in fighting inflation is raising the interest rate, which is another blow to consumer confidence.
“Consumers have become cautious – but they have not stopped spending,” Kleinhenz said. “Growth is not as high as last year, but households continue to spend each month as more jobs, wage growth and savings backstop their finances and help them confront higher prices.”
As for a recession, the possibility is seeming more likely, he said. Gross domestic product has declined for two consecutive quarters, which does typically, though not by the official definition, indicate a recession.
The Blue Chip Economic Indicators panel of business economists, which includes Kleinhenz, does predict GDP growth ahead in the third and fourth quarters of the year.
However, in a September survey, fewer economists on the panel believe the Federal Reserve can rein in inflation without causing a recession (38 percent this month versus 51 percent in August), but 95 percent believe a recession would likely be mild.
Around 42 percent of the panel said they expect a recession this year while 54 percent said it would begin in 2023.
The Latest

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.


While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

Next week, the auction house will kick off a selling exhibition of jewelry by British artist Hannah Martin and Coldplay’s Guy Berryman.

“Stolen: Heist of the Century” is based on “Flawless,” the book about the middle-of-the-night theft, and will debut on Netflix in August.

Emmanuel Raheb shares the top five gifting moments outside of major holidays that jewelers should build marketing campaigns around.

The wholesale trade show’s Luxury Lifestyle section will showcase established and emerging jewelry designers.

As demand for custom jewelry grows, the company is expanding its services to support retailers.

The mid-year conference for jewelry and watch appraisers is slated for Aug. 9 to 10 on Zoom.

Graduated stones make for elevated tennis-style pieces and dramatic statement necklaces.

Nominations in the categories of Jewelry Design, Media Excellence, and Retail Innovation will be accepted through July 30.

He retired last month after 28 years traveling the world to source the very best gemstones for his family’s jewelry business, Oscar Heyman.

The charm necklace features six nautical charms of shells and coral that founder Christina Puchi collected on Florida’s beaches.

The organization elected its youngest vice president as it looks to draw in fresh talent.

Campbell joins the company as vice president of business development while Liebler is the new vice president of operations.

The medals feature a split-texture design highlighting the Games’ first time being hosted by two cities and the athletes’ journeys.

Sponsored by The INSTORE Jewelry Show 2025